The U.S. Treasury Department recently gave a $6 million community development award to United Bank, in Atmore, in south Alabama, one of the largest awards in the department’s Capital Magnet Fund program.
The Capital Magnet Fund promotes investment in affordable housing and related economic development efforts that serve low-income families and low-income communities across the country. The awards go to Community Development Financial Institutions (CDFI) Funds such as UB Community Bank, the Atmore bank’s CDFI.
United Bank was one of only 38 entities nationwide to receive a Capital Magnet...